EBA names Circle's USDC as the EU’s first 'significant' e‑money token

What happened

The European Banking Authority has officially designated Circle’s USDC as the EU’s first “significant” e‑money token under the Markets in Crypto Assets (MiCA) framework. The announcement on Oct. 15, 2026, makes USDC the first of 45 notified e‑money tokens to meet the significance threshold.

Key numbers

• 45 e‑money tokens notified under MiCA.
• USDC is the first labeled “significant.”
• USDC supply: nearly $73 billion.
• USDT supply: $184 billion (largest stablecoin).
• Total dollar‑pegged stablecoin supply: $294 billion.
• Direct oversight begins: Nov. 12, 2026.

EBA's oversight plan

According to the EBA statement, the authority will take direct supervision of USDC’s reserves, liquidity requirements, and recovery and redemption plans from Nov. 12. France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) will continue to handle governance, qualifying holdings, fit‑and‑proper assessments, and conflicts of interest. The EBA also signed a memorandum of understanding with the New York State Department of Financial Services to enable cross‑border coordination.

Why this matters for the EU market

The designation gives clearer regulatory footing for the EU’s second‑largest stablecoin. Direct oversight of reserves and liquidity aims to protect users and align USDC with EU standards. The MoU with New‟York also facilitates information sharing between jurisdictions.

Next steps

USDC's oversight transfers to the EBA on Nov. 12, 2026. Ongoing cooperation with New‟York regulators will continue under the signed memorandum. The ACPR remains responsible for governance and related functions.

Sources

• The Block

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